{"data":{"id":"us-ar/ark.-code-ann.-26-65-102","jurisdiction":"us-ar","citation":"Ark. Code Ann. § 26-65-102","heading":"Definitions","body":"As used in this chapter: (1) \"Affected business entity\" means a business entity in which members that hold more than fifty percent (50%) of the voting rights in the business entity elect on an annual basis before the due date or extended due date of the business entity's income tax return to be taxed under this chapter; (2) \"Business entity\" means an entity, including without limitation a general partnership, limited partnership, limited liability company, or for federal income tax purposes, a Subchapter S corporation, that: (A) Is engaged in a business for profit; and (B) Is required to file a return under this title; (3) \"Member\" means a: (A) Shareholder of a Subchapter S corporation; (B) Partner in a general partnership, limited partnership, or limited liability partnership; and (C) Member of a limited liability company; (4) \"Net operating loss\" means the same as defined in § 26-51-427 ; (5) \"Pro rata interest\" means a member's percentage of allocation of the profits of an affected business entity; and (6) \"Taxable year\" means the same as defined in § 26-51-102 . Added by Act 2021, No. 362,§ 2, eff. for tax years beginning on or after 1/1/2022..\n\nAs used in this chapter:\n\n(1) \"Affected business entity\" means a business entity in which members that hold more than fifty percent (50%) of the voting rights in the business entity elect on an annual basis before the due date or extended due date of the business entity's income tax return to be taxed under this chapter;\n\n(2) \"Business entity\" means an entity, including without limitation a general partnership, limited partnership, limited liability company, or for federal income tax purposes, a Subchapter S corporation, that: (A) Is engaged in a business for profit; and (B) Is required to file a return under this title;\n\n(A) Is engaged in a business for profit; and\n\n(B) Is required to file a return under this title;\n\n(3) \"Member\" means a: (A) Shareholder of a Subchapter S corporation; (B) Partner in a general partnership, limited partnership, or limited liability partnership; and (C) Member of a limited liability company;\n\n(A) Shareholder of a Subchapter S corporation;\n\n(B) Partner in a general partnership, limited partnership, or limited liability partnership; and\n\n(C) Member of a limited liability company;\n\n(4) \"Net operating loss\" means the same as defined in § 26-51-427 ;\n\n(5) \"Pro rata interest\" means a member's percentage of allocation of the profits of an affected business entity; and\n\n(6) \"Taxable year\" means the same as defined in § 26-51-102 .","path":["AR Code","Title 26","Chapter 65"],"source_url":"https://oss-data-us.vaquill.ai/v2026.08/us_ar_statutes.parquet","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:41Z","sha256":"552a64d241b891989c5c7443fca1169bf6f419a8dde4378a06d1d686fea5e9af","source_id":"us-ar","stale":false,"prev":"us-ar/ark.-code-ann.-26-65-101","next":"us-ar/ark.-code-ann.-26-65-103"},"notice":"GroundRules: Original legal text. Not legal advice."}